Stryker’s $662 Million Acquistion of Entellus

Guggenheim Securities served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as outside legal counsel for Stryker in connection with this transaction.

Stryker Corporation (NYSE: SYK) announced today a definitive merger agreement to acquire Entellus Medical, Inc. (NASDAQ: ENTL) for $24.00 per share, or an equity value of approximately $662 million. Entellus is a high-growth global medical technology company focused on delivering superior patient and physician experiences through products designed for the minimally invasive treatment of various ear, nose and throat (ENT) disease states. Founded in 2006, and headquartered in Plymouth, Minnesota, the company has a broad portfolio of ENT products, including the XprESS® Multi-Sinus Dilation System and the LATERA® Absorbable Nasal Implant, which are highly complementary to the existing ENT portfolio of Stryker’s Instruments business.

The closing of this transaction is subject to approval by Entellus’ stockholders, expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The transaction is expected to be dilutive to Stryker’s 2018 adjusted net earnings per diluted share by approximately $0.04 and accretive thereafter.

The Skadden team includes M&A partner Richard Witzel Jr. (Chicago), Tax partner Kenneth Betts (Los Angeles), Antitrust and Competition partner Clifford Aronson (New York), Healthcare and Life Sciences partner Jennifer Bragg(Washington, D.C.) and Banking partner Lynn McGovern (Chicago).

 

Involved fees earner: Richard Witzel Jr. – Skadden Arps Slate Meager & Flom; Kenneth Betts – Skadden Arps Slate Meager & Flom; Clifford Aronson – Skadden Arps Slate Meager & Flom; Lynn McGovern – Skadden Arps Slate Meager & Flom; Jennifer Bragg – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: Stryker Corporation;